General Electric Reports 13 Percent Increase in Net Profit; Outlook Bullish
General Electric has registered 13 percent increase in the quarterly net profit as the company registered strong demand in jet engines and recovery in the oil & gas units. The company has announced bullish outlook for the coming quarters.
GE also announced that the private label credit card unit could raise funds from the primary market by the end of this month. The company has started with investor road show for Synchrony Financial. The company aims to raise more than $3 billion for 15 percent stake in the company.
Synchrony Financial registered revenue of $9.4 billion last year. Nearly 70 percent of the revenue was generated in the retail card business in partnership with Amazon, Lowe, JC Penney and Wal-Mart Stores.
GE reported net income of $3.55 billion in the second quarter. Compared to 30 cents per share for Q2 last year, the current year earnings were higher at 35 cents per share.
The orders for new equipment in the quarter were 3 percent lower while the backlog for the orders increased by 10 percent to $246 billion.
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